Revenues for the first quarter of 2019 under U.S. generally accepted accounting principles (“GAAP”) were $619.3 million, increasing $117.8 million, or 23.5%, compared to the first quarter of the prior year, with commissions and fees increasing by 23.4% and Organic Revenue(1) increasing by 2.0%. Net income was $113.9 million, increasing $23.1 million, or 25.4%, and diluted net income per share was $0.40, increasing by 25.0%, compared to the first quarter of the prior year. Diluted Net Income Per Share – Adjusted(2) increased to $0.41, or 24.2%, compared to the first quarter of the prior year.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, “We are pleased with the strong start in 2019. These results would not have been possible without the outstanding efforts of our nearly ten thousand teammates.”
In addition, today the Company’s Board of Directors declared a regular quarterly cash dividend of $0.08 per share, to be paid on May 17, 2019, to shareholders of record on May 8, 2019.